Warwick Ward (Machinery) Ltd, a UK-based construction firm, has entered administration, resulting in the redundancy of all employees as the company struggles amid wider economic pressures affecting construction and recycling sectors.
Operating since 1970, the company was a leading supplier of earthmoving machinery and recycling equipment. Its owner-directors, Ashley and Matt Ward, sold it to an employee ownership trust in 2023, yet financial difficulties emerged soon after the transition.
Read more : UK announces ‘major reset’ of Pakistan development partnership
Previously, Warwick Ward reported a £680,000 pre-tax profit and £51 million in sales. However, post-sale, the company faced a £1.3 million pre-tax loss and an 11 percent drop in revenue, worsening its financial position.
Joint administrator James Lumb cited accumulated debt and economic headwinds as the main reasons for insolvency, stating that cash flow pressures forced the appointment of an administrator to manage the company’s collapse.